What's new

More Wealthy Chinese Said to Prepare Exits

manojb

FULL MEMBER
Joined
Jun 18, 2009
Messages
1,943
Reaction score
6
Country
India
Location
United States
Some immigration lawyers have seen a new increase in the number of Chinese seeking foreign citizenship, a trend they suggest is tied to worries about political turmoil and economic slowdown in China, especially among businesspeople and politicians seeking to protect their families and wealth.

"There's definitely a surge in China for what I call 'let-me-out-now' product," according to Jean-Francois Harvey, an immigration lawyer based in Hong Kong who deals with clients throughout Asia.

The recent interest builds on a trend of growth in applications from Chinese seeking to emigrate to places like the US, Canada and the UK in recent years, including to programs that promise citizenship in exchange for investments. In the US, 75 percent of investor-immigrant applicants were from China in fiscal 2011.

The rush to apply to the US investor immigration program, known as the EB5 visa, is also partly prompted by Washington politics. The plan has to be reauthorized by Congress in September for it to continue, but applications filed before that date will still be considered. Last time the program was up for review, in 2009, there was a big spike in applications.

Under the program, applicants and their immediate families receive permanent US residency if an investment of at least $1 million in the US leads to 10 full-time jobs within two years. The requirement is only $500,000 if the US jobs created are in a rural or high-unemployment area.

There is little information on the identities and actual numbers of Chinese seeking to leave, but participants in the industry that has grown up around such requests say they have seen increased activity in the weeks since the Communist Party's ouster of senior party official Bo Xilai, which adds to a general feeling of uncertainty ahead of a once-a-decade leadership transition in the fall.

Harvey and other lawyers say clients rarely give a reason for wanting to leave, which makes it difficult to say whether the latest headlines are helping to drive the push, though they say anecdotal evidence suggests they are a factor.

"The political situation heightens anxiety, and the wealthy people head for the visas," according to Richard Kurland, an immigration lawyer based in Vancouver, British Columbia, who said he has seen a rise in inquiries in recent weeks.


More Wealthy Chinese Said to Seek Investor Visas - WSJ.com

Very interesting article. All that shines is not gold. Interesting to hear from those who predicted dollar doom, end of america
 
I'm more surprise with Wall Street Journal, taking the opinion of one lawyer from one law firm, as a harbinger for things to come and no statistics to back up the US, Canada and UK claims. Those good old days.
 
I'm more surprise with Wall Street Journal, taking the opinion of one lawyer from one law firm, as a harbinger for things to come and no statistics to back up the US, Canada and UK claims. Those good old days.



My friend, Wall Street Journal is owned by the Zionists and it is nothing but a mouthpiece of the Zionists. it is not an independent newspaper and just like the Zionist owned CNN it is nothing but a tool of propaganda for these people.
 
My friend, Wall Street Journal is owned by the Zionists and it is nothing but a mouthpiece of the Zionists. it is not an independent newspaper and just like the Zionist owned CNN it is nothing but a tool of propaganda for these people.

:blah: Zionist :blah:
 
I thought Chinese people don't believe in castes and some even make fun of Indians for having castes. Why bring it up now?
 
I'm more surprise with Wall Street Journal, taking the opinion of one lawyer from one law firm, as a harbinger for things to come and no statistics to back up the US, Canada and UK claims. Those good old days.

Between 1992 and 2011, the number of applications for investor visas jumped 700 percent, from 474 to 3,805, according to the U.S. Citizenship and Immigration Services. In the past two years alone, the number applicants has nearly quadrupled. More applications by far come from China than any other country. Last year, 77 percent of all of those who applied for these visas were Chinese.

Wealthy Chinese seek special visas to relocate to Bay Area - San Jose Mercury News
 
Some simple reasons, like European migrated to South America before or Korean migrated to the US now:
- The resource in new places were much more abundant. In Korea, with 1 millions US$, you can buy only an apartment in Seoul. In the US, you can buy a large villa with swimming pool.
- The competition is much less. In China, if your children are only average at school, when migrated to the US, your children will be a star, because education in China is much harder than in the US.
 
It means that USA is going to rule and not any other country. They might get successful in breaking the three states Tibet, Chialong(a deprived one) and Xinjiang - The Muslim Population one. I hope that if this is the situation Pakistan should remain in contact with the experts in China and pick them up ASAP. Ameen.
 
than indians must have done that decades ago:D

BTW still more indians want foreign citizen ship than any other country...
 
i have U.K permanent stay, as soon I got that I moved back to china, actually all my rich friends are doing that, becuase when you have money why not? coz its much easier to travel..
but on the other hand Indians are different, those rich ones are squeezing their heads off to get foreign passport (permanent stays are appearently not enough)
 
i have U.K permanent stay, as soon I got that I moved back to china, actually all my rich friends are doing that, becuase when you have money why not? coz its much easier to travel..
but on the other hand Indians are different, those rich ones are squeezing their heads off to get foreign passport (permanent stays are appearently not enough)

But facts speak otherwise.. You know richest Brit, he is still Indian.
 
Wow, this is one deleted out thread.

Unless wealthy Chinese want to move to India (they don't), why do Indians care?
 
Between 1992 and 2011, the number of applications for investor visas jumped 700 percent, from 474 to 3,805, according to the U.S. Citizenship and Immigration Services. In the past two years alone, the number applicants has nearly quadrupled. More applications by far come from China than any other country. Last year, 77 percent of all of those who applied for these visas were Chinese.

Wealthy Chinese seek special visas to relocate to Bay Area - San Jose Mercury News


My statement was pointing to the flaws of WSJ reporting.

From 1992 to 2011 investor visa applications increased from 474 to 3,805 are actually not that much of increase considering globalization began at this period and many third new riches saw the the property laws, higher education system and vast abundant resources of the US is a perfect place to diversify their portfolios and their children to get go educations.

I'm sure your link is correct and by its calculation in 2011 there are about 3,000 Chinese applicants for investor visa and if you compare that to about 10s of millions of newly rich Chinese in China the number is miniscule.

The US welcome these investors for they bring in resources and talents and create many jobs. For now such visa allocate to China is only about 1,000 per year and I personally like to see this number increase. However, I know it for a fact because I deal with many of them, many don't actually stay here for long or travel back and forth. Many park their kids here until they come of ages and take care the American end of their businesses since they themselves have limited language skills.

This setup benefits China immensely because they act as traders( most of their businesses are China related) between China and the US. Every body is happy, so to speak.
 

Pakistan Affairs Latest Posts

Back
Top Bottom